llowing is selected financial information from General Mills, Inc., for its fiscal year ended May 29, 2011 ($ millions):
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Answer:
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Formulating Financial Statements from Raw Data
Following is selected financial information from General Mills, Inc., for its fiscal year ended May 29, 2011 ($ millions):
Revenue $14,880.2
Cash from operating activities 1,526.8
Cash, beginning year 673.2
Stockholders' equity 6,612.2
Non-cash assets 18,054.9
Cash from financing activities* (865.3)
Cost of goods sold 8,926.7
Total expenses (other than cost of goods sold) 4,155.2
Cash, ending year 619.6
Total liabilities 12,062.3
Cash from investing activities (715.1)
*Cash from financing activities includes the effects of foreign exchange rate fluctuations.
(a) Prepare the income statement, the balance sheet, and the statement of cash flows for General Mills for the fiscal year ended May 2011.
Hint: Enter negative numbers only for answers in the statement of cash flows (if applicable).
Explanation:
Attached below are the tables prepared by me showing the income statement for the year ending may 29 2011, Balance sheet ending May 29 2011, statement of cash flows fo year ending May 29 2011
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The example of how to Prepare a statement of cash flows using the indirect method is given in the image attached.
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The major sources and uses of cash are:
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- Financing
Operations are being financed via the day to day normal operations that brings income. Example are cash receipts from revenue and cash shared to pay for expenses.
The risks of a company going forward includes:
- Fraud
- employee misconduct
- Misappropriations of funds, etc.
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